Trump Company shares jump 31%, and Elon Musk earns $5 billion economy

Trump Media and Technology Group shares jumped 31.67% to $44.69 following the announcement Donald Trump His victory in the presidential elections and his return to The white house After a close race with the female candidate Kamala Harris.

The market value of Trump’s company reached $6.8 billion, at the time of writing.

The company’s shares rose by about 120% over the past month due to bets on Trump’s victory.

Trump owns 57.3% of the company that bears his name, and its stock is viewed as a meme stock, as it fluctuates based on simple signals about it, with movements that often do not reflect the basic financial performance of the company like other stocks.

The company’s revenue was $1.6 million during the first six months of 2024, far less than Snap’s $2.4 billion and Reddit’s $520 million during the period.

The share price of Trump Media Company moved with Trump’s victory, influenced by the betting market, which made the rise of this stock seen as a vote of confidence in Trump’s victory in the elections.

The stock was trading at $16.50 per share a month ago when Trump’s odds of winning on the PollyMarket betting platform reached 49%, and more than doubled after bets on his victory rose to more than 60%.

Tesla is jumping

Tesla shares, whose CEO is an American billionaire, jumped Elon Musk 14.53% to $287.9, after his support for Trump in winning the US presidency, which included providing money to voters to vote for him.

Last month, Musk pledged to donate $1 million daily until the elections to anyone who signed his online petition to support the United States Constitution.

Musk has already given a check for one million dollars to one of the attendees at an event he held in Pennsylvania with the aim of rallying supporters behind Republican US presidential candidate Donald Trump.

Musk’s wealth increased by $4.8 billion today to reach $264.7 billion, keeping him at the top of Forbes’ list of the world’s richest people, while Trump ranks 579th with a fortune of $6 billion.

Musk established a political action committee (America BAC) to support Trump’s presidential campaign. The committee helps mobilize voters and register them in swing states, but there are signs that it is facing difficulties in achieving its goals.

He said at the time that if Democratic candidate Kamala Harris wins, it will be “the last election,” indicating that the United States will no longer exist.

He added that the two assassination attempts against Trump prove that he causes inconvenience to some and will change the status quo in ways that Harris will not. He said this is why Harris was not the subject of any assassination attempt.

Musk’s wealth increased by $4.8 billion today to reach $264.7 billion, keeping him at the top of Forbes’ list of the world’s richest people, while Trump ranks 579th with a fortune of $6 billion.

And forever Trump Last September in preparation for appointment Mask To supervise government spending and implement “radical” reforms, if he wins the elections.

Trump stated that, based on Musk’s proposal, he would establish a government efficiency committee that would undertake the task of conducting a complete review of the financial accounts and performance of the entire federal government. Tesla’s CEO will be appointed at its helm.